American Bankers Association Exam CRCM Topic 9 Question 92 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 92
Topic #: 9

[All CRCM Questions]

John and Elise Fernandez apply to ABC Bank for a loan to purchase a manufactured home. ABC Bank is a community bank with approximately $100 million in assets, and the home would be located outside of the bank's metropolitan are a. Mr. and Mrs. Fernandez complete an in-person application for a mobile home that is denied by the bank due to insufficient income. Which piece of information on the Fernandez application is ABC Bank NOT required to report on its HMDA LAR?

AThe ethnicity of the applicants

BThe race of the applicants

CThe purpose of the loan application

DThe metropolitan area where the home will be located

Show Suggested Answer

Suggested Answer: A

by Crissy at Jul 07, 2024, 09:22 PM

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Ronald

26 days ago

This question is making me hungry. I could really go for a nice manufactured home with a side of HMDA reporting. Maybe John and Elise can share their leftovers if the bank denies their loan.

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Angelo

28 days ago

Wait, wait, wait. Isn't the answer C) The purpose of the loan application? I mean, who needs to report on that when the loan was denied anyway? The bank should just focus on the important stuff.

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Leoma

30 days ago

Haha, this question is a piece of cake! The answer is obviously B) The race of the applicants. Everybody knows HMDA only cares about the home's location, not the applicants' personal details.

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Dacia

1 months ago

I'm pretty sure it's A) The ethnicity of the applicants. HMDA reporting doesn't cover that, right? The bank is only required to report on race and not ethnicity.

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Joni

17 hours ago

That's correct. HMDA reporting only requires banks to report on the race of the applicants, not their ethnicity.

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Steffanie

13 days ago

A) The ethnicity of the applicants

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3 months ago

I think the answer is D, the metropolitan area where the home will be located.

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